The first blog in this Emergency Mortgage Assistance Program (EMAP) series was a basic introdution to the program Emergency Mortgage Assistance Program (EMAP) ........ Introduction. In this blog Emergency Mortgage Assistance Program (EMAP) ...... Program Overview, I will go into a more in depth description of EMAP.
EMAP is available through the Connecticut Housing Finance Authority (CHFA) to Connecticut Homeowners who are:
- Delinquent, or anticipate becoming delinquent on their mortgage in the near future.
- And Have a Financial Hardship that was created by circumstance that were out of their control, but can be eliminated through EMAP assistance.
NOTE: I will be doing a separate blog on what constitutes an eligible Financial Hardship later in this series.
EMAP assistance can be received in one of 3 ways:
- One lump sum payment to bring the Homeowner current with payments that are in arrears like:
- Mortgage payments
- Taxes
- Insurance
- HOA Fees
- Monthly assistance with mortgage payment
- Combination of both the options above:
- Lump sum payment, and
- Monthly assistance with mortgage payment
EMAP has awarded Homeowners in the past with lump sum amounts as much as $40,000 to $60,000 to bring them current, and Homeowners who are currently receiving monthly assistance with their mortgage payment, are averaging $900 per month.
EMAP assistance can be provided up to as much as 60 months. A recertification will be done every year to determine whether EMAP assistance is still required, however, recipients are required to notify the Connecticut Finance Housing Authority (CHFA) if there are any changes to their financial status
As mentioned in the previous blog Emergency Mortgage Assistance Program (EMAP) ....... Introduction, EMAP is a no interest loan without monthly payments, during the time the Homeowner is receiving assistance. The EMAP loan only begins to accrue interest once the Homeowners finances allow them to no longer require assistance (up to 60 months). At that time the EMAP loan will go into repayment, and interest will begin to accrue.
The next blog in this series will be Emergency Mortgage Assistance Program (EMAP) ...... Eligibility Requirements.
Other Blogs In This Series:
Emergency Mortgage Assistance Program (EMAP) ........ Introduction
Emergency Mortgage Assistance Program (EMAP) ...... Eligibility Requirements
Emergency Mortgage Assistance Program (EMAP) ...... Hardship Letter
Emergency Mortgage Assistance Program (EMAP) ...... Determining Amount Of Assistance
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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